The federal government recorded a budget deficit of $1.88 trillion for the first eight months of this budget year, larger than even any annual shortfalls in U.S. history.
The sea of red ink grew as government spending shot up to deal with the coronavirus pandemic and tax revenue shrank when millions lost their jobs.
The deficit for the October-May period was more than double the $738.6 billion booked for the same period last year, according to Treasury Department numbers released Wednesday.
The Congressional Budget Office is forecasting that this year’s deficit will hit $3.7 trillion, which would be more than double the record $1.4 trillion deficit set in 2009. That previous record was set when the government was dealing with a financial crisis that had pushed the country into the deepest recession since the 1930s.
The country is now in another recession that began in February. This downturn has already seen much bigger job losses and is expected to be a far worse than the 2007-2009 downturn.
Don the Con promised to balance the budget
lol